Last week took place from 21. up to the 23. October, the FinTech Abu Dhabi instead. On the three-day Event, it went as the Name already suggests, especially to a thing: FinTechs and the innovations that will shape the financial industry of tomorrow. One of the speakers Navin Gupta, the Ripple as a Managing Director for Southeast Asia, the middle East and North Africa was. According to him, crypto-currencies such as XRP are the perfect technology to “a Revolution in the world of Micropayments” trigger.Gupta goes a step further and said on the FinTech Abu Dhabi, that hundreds of millions of people currencies in the future, Micropayments on the Basis of Crypto, such as, for example, XRP, could use. We take a look at the statements of the Ripple Managing Directors. The entire panel discussion on Youtube and is stored as a source.
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Ripple Managing Director: Micropayments currencies by Crypto
Before we look deeper at the statements made by Gupta, you should not do, of course, aware that an event like the FinTech Abu Dhabi is of course only the pure information, but a lot more is an excellent way of self-marketing for Ripple. In short: a promotional event par excellence, in the of course the positive sides and opportunities are highlighted. However, Gupta gives an interesting insight into the use of crypto-currencies (and XRP in Particular) as a Medium for Micropayments.
Micropayments: the provision of Content on the Internet
So Gupta was called as a concrete example, the provision of articles of any kind on web pages. Instead of having a monthly subscription to access certain types of content to read, could be paid through Micropayments simply a minimal amount.
We take on a website already has a million subscribers, and has reached a saturation point. Nevertheless, she wants to continue to grow. You want to give the reader the opportunity to read an article for 10 cents… Honestly, today there is no Payment System that in a simple manner, 10 cents of the reader, we call can you take Emily, and it’s up to the Publisher forwards.
As far as the Problem of the Ripple is the Managing Director described. But what would be a Problem without a solution? – That’s right, an unsolved Problem. And because you actually hate to unsolved problems on such events, illustrated Gupta, the solution of the problem with the following statement:
As I said: currently no one can solve this Problem in a simple way, as Emily simply presses a Button, the money is transferred and you can read the article directly. Cryptos can do this, however. Yes, you can. this is a Problem at negligible costs in the case of the actual transaction Cryptos allow it to read Emily finally your article. Therefore, I think that Micropayments are the same as a field in the Publisher on hundreds of millions of customers, such as Emily wait, which “portions” of Content can offer.
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Ripple Managing Director: XRP for Micropayments for In-Game Items
In addition to the potential in the area of Micropayments, the Ripple Executive sees a further opportunity in the Gaming industry. Specifically, it deals with the buying and selling of In-Game Items, which can then be used in Fiat currencies converted. Inspiration he took in this example of his son. The following example may sound (in my opinion) a little crazy, but it is an interesting train of thought:
My son wins in the game a virtual Hard. Well, he wins some things. But what he really wants to do is to convert the virtual sword in a ball of ice. A real scoop of ice cream. So he wants to sell his virtual sword for a Dollar to someone who’d like it. He is so “next level” and I would like to convert his sword into the ice. There are currently no Payment System that can do this.
Also here is first described the Problem. Now he gets to talk about XRP, which solves the Problem.
However, my son has gained something that has a certain value. The people in the game say: ‘your Hard-to-value’. But he wants a scoop of ice cream. So what do we do now is to take this digital Asset and convert it via XRP in Fiat currency, so that he can buy in a Store ice cream.
And with these two simple examples Navin Gupta would like to show the potential of Ripple and XRP in the area of Micropayments.
So there are these huge markets with hundreds of millions of customers, which are not currently supported just right, because there is no appropriate Payment System. And we Ripple, we change that. We change this by investing in companies that are working on it. By working in this Ecosystem and allow businesses to integrate those Payment systems. And so you have an idea, whose time has come.
75 % of private CFD accounts lose money. No EU investor protection.You see XRP in the area of Micropayments, and specifically in the area of Gaming as a solution? Or the statements of the Ripple, Managing Directors are used to high?Come in to our Telegram Chat and talk with the experts and the Community. Subscribe to our News channel to not miss any News. (Image Source: Shutterstock)